Horizon Bancorp Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Announces Net Charge-Offs for the Fourth Quarter of 2013
January 22, 2014 at 03:00 pm
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Horizon Bancorp reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company's total interest income was $17,436,000 compared to $20,460,000 a year ago. Net interest income was $14,126,000 compared to $17,003,000 a year ago. Net interest income after provision for loan losses was $15,123,000 compared to $15,288,000 a year ago. Income before income tax was $5,203,000 compared to $7,368,000 a year ago. Net income was $4,115,000 compared to $5,170,000 a year ago. The decrease in net income for the fourth quarter primarily reflects the decline in mortgage warehouse activity as mortgage warehouse balances decreased from $251.5 million as of December 31, 2012 to $98.2 million as of December 31, 2013 and the decrease in gain on sale of mortgage loans of $2.8 million from $4.0 million in the fourth quarter of 2012 to $1.2 million in the fourth quarter of 2013. Net income available to common shareholders was $4,052,000 or $0.45 per diluted share compared to $5,014,000 or $0.56 per diluted share a year ago. Book value per common share as on December 31, 2013 was $17.65 compared to $17.00 a year ago. Tangible book value per common share as on December 31, 2013 was $14.98 compared to $14.23 a year ago. Return on average assets was 0.93% compared to 1.13% a year ago. Return on average common stockholders' equity was 10.44% compared to 13.70% a year ago.
For the year, the company's total interest income was $74,883,000 compared to $72,528,000 a year ago. Net interest income was $61,380,000 compared to $58,206,000 a year ago. Net interest income after provision for loan losses was $59,460,000 compared to $54,682,000 a year ago. Income before income tax was $26,924,000 compared to $27,989,000 a year ago. Net income was $19,876,000 compared to $19,543,000 a year ago. The decline in earnings per share reflects the increase in weighted average diluted shares outstanding resulting from the Heartland acquisition, which occurred during the third quarter of 2012. Net income available to common shareholders was $19,506,000 or $2.17 per diluted share compared to $19,062,000 or $2.30 per diluted share a year ago. Return on average assets was 1.13% compared to 1.19% a year ago. Return on average common stockholders' equity was 12.86% compared to 14.72% a year ago.
The company also announced total net charge-offs for the fourth quarter of 2013 of $859,000 compared to $2,013,000 a year ago.
Horizon Bancorp, Inc. is a bank holding company for Horizon Bank, which serves customers across Midwestern markets through digital and virtual tools, as well as its Indiana and Michigan branches. The Company operates through a single segment, which is commercial banking. The Bank is a full-service commercial bank offering commercial and retail banking services, corporate and individual trust and agency services and other services incident to banking. Its retail offerings include prime residential, indirect auto, and other secured consumer lending to in-market customers, as well as a range of personal banking and wealth management solutions. It also provides a range of in-market business banking and treasury management services, as well as equipment financing solutions for customers regionally and nationally. The Bank maintains around 71 full service offices. The Bank's subsidiaries include Horizon Investments, Inc., Horizon Properties, Inc. and Horizon Insurance Services, Inc.
Horizon Bancorp Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Announces Net Charge-Offs for the Fourth Quarter of 2013